AGN addendum: With 15% of sales and rapid growth in emerging markets, particularly from self-pay products such as Botox cosmetic, AGN is a play on The Global Demographic Tailwind (#board-15427) without the patent-cliff baggage of Big Pharma. AGN’s P/E ratio is much higher than Big Pharma companies, but the company’s product portfolio and near-flawless execution justify a relatively high P/E, IMO.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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